Word: mosses
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...carried out a management buyout in the mid-'80s and renamed the bank Macquarie in honor of a 19th century colonial governor. But it wasn't until 1996, when Australia's commodity exports began to result in large budget surpluses for the government, that Macquarie's chief executive, Allan Moss, who had joined the bank in the sleepy Hill Samuel days, saw his big chance. "Bond markets were drying up," recalls Gary Turner, a Sydney-based financial-services expert with Bain & Co. "At the same time pension funds, which were growing because of increasing compulsory contributions, had to invest somewhere...
...Enter Macquarie. In 1996, aiming to attract some of that pension-fund money, the bank bought a toll road from the New South Wales government. The road was put into a trust, which under Australian law doesn't have to pay taxes. Then Moss went a step further: he placed the road into a listed fund, the Macquarie Infrastructure Group, which Macquarie manages for an annual fee of up to 1.25%, depending on its market value. If this fund outperforms its benchmark, Macquarie also pockets a juicy incentive fee of 15% of the profits. "It's a hedge-fund model...
...That endorsement was just part of what seems like a growing Jeb publicity machine before he leaves office next January. (Florida Governors are limited to two terms.) Official websites trumpeting his achievements, from school accountability to job creation, are as plentiful in the state capital of Tallahassee as Spanish moss. Tributes are pouring in from admirers like Weekly Standard editor Fred Barnes, who writes this month that Jeb should be "the prohibitive frontrunner for the Republican presidential nomination." And with tropical storms already pounding Florida, Jeb's face and his well-regarded command of hurricane management promise...
...pace for a whole new generation of divas, scenemakers and designers. The magazine is commemorating its quarter-century with i-Dentity, a touring exhibition that charts its progress from parochial house journal of London's punk movement to a global fashion title featuring such figures as Madonna, Kate Moss and Kylie Minogue, and designers including the likes of Vivienne Westwood, John Galliano and Alexander McQueen. In the process, the retrospective also manages to showcase two and a half decades of popular culture's cutting edge...
...pace for a whole new generation of divas, scenemakers and designers. The magazine is commemorating its quarter-century with i-Dentity, a touring exhibition that charts its progress from parochial house journal of London's punk movement to a global fashion title featuring such figures as Madonna, Kate Moss and Kylie Minogue, and designers including the likes of Vivienne Westwood, John Galliano and Alexander McQueen. In the process, the retrospective also manages to showcase two and a half decades of popular culture's cutting edge. The exhibition will be at Beijing's Long March Space gallery from...